Wednesday, March 2, 2011

20110302 0928 Soy Oil & Palm Oil Related News.

Soy product futures ended higher, supported by fresh speculative buying. Soyoil futures drew added support from firm world vegoil prices, as recent declines in prices attracted fresh buying from Mideast buyers in world vegoil markets, analysts said. CBOT May soyoil ended 0.27 cents or 0.5% higher at 57.60 cents per pound, and May soymeal traded $1.50 or 0.4% higher at $363.40 a short ton. (Source: CME)

Palm oil jumps 2.6 pct as biodiesel appeal grows
KUALA LUMPUR, March 1 (Reuters) - Malaysian palm oil futures jumped as much as 2.6 percent as traders focused on buoyant crude markets setting the stage for growing biodiesel demand. "Funds might be coming in. There is a lot of energy related buying going on in palm oil and other vegetable oil markets," said a trader with a foreign commodities brokerage.

Egypt's palm demand to rise as oilseed output stagnates
KUALA LUMPUR, March 1 (Reuters) - Egypt's palm oil demand will rise by a tenth to about 880,000 tonnes this year, as trading houses shore up supplies at a time of stagnant oilseed output and the country is recovering from political upheaval, a Cairo-based trader said on Tuesday.
Stubbornly high food prices and high unemployment fuelled public anger against the government that eventually ousted Hosni Mubarak as president last month.

Palm may still hit 4,000 rgt despite recent sell-off
KUALA LUMPUR, March 1 (Reuters) - Malaysian palm oil  may still hit 4,000 ringgit a tonne on tight stocks in the immediate term and as competing soyoil  gets increasingly channeled to the biofuel sector, said Prudential Bache Commodities analyst Anne Frick.
A sell-off last week has left palm oil about 12.5 percent below the key 4,000 ringgit($1,311)level, as traders grew concerned over high crude oil prices and the spreading Middle East unrest slowing economic growth.

China sells out 100,101 T rapeseed oil reserves
BEIJING, March 1 (Reuters) - China sold out all the 100,101 tonnes of rapeseed oil offered at state reserve sales on Tuesday. Interests picked up as refineries are taking advantage of cheap prices offered by the government.
The volume brought total sales of government reserves to 873,043 tonnes since October. Before the sales, some traders estimated the government holds about 2 million tonnes of rapeseed oil in state reserves.

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